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8 Jan 2015
USD/CAD back above 1.18 handle
FXStreet (Mumbai) - The Canadian dollar edged higher versus the US counterpart, recouping losses from the previous session, despite USD trading at multi-year peaks.
Currently, the USD/CAD pair posted fresh daily lows at 1.1798 levels some minutes ago, losing -0.14% on the day. The Canadian dollar advanced versus the greenback, rebounding from fresh 5-1/2 year lows reached yesterday after recovery in oil prices today boosted the loonie. Oil is Canada’s top export. The correction in the USD/CAD pair may be also on a bout of profit booking as traders locked in profits after the recent rally.
Moreover, investors now focus on a set of economic releases from the US due for release later today for fresh moves in the currency pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.19 levels and above which it could extend gains 1.1951 levels. To the downside immediate support might be located at 1.18 levels, below that at 1.1760 levels.
Currently, the USD/CAD pair posted fresh daily lows at 1.1798 levels some minutes ago, losing -0.14% on the day. The Canadian dollar advanced versus the greenback, rebounding from fresh 5-1/2 year lows reached yesterday after recovery in oil prices today boosted the loonie. Oil is Canada’s top export. The correction in the USD/CAD pair may be also on a bout of profit booking as traders locked in profits after the recent rally.
Moreover, investors now focus on a set of economic releases from the US due for release later today for fresh moves in the currency pair.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.19 levels and above which it could extend gains 1.1951 levels. To the downside immediate support might be located at 1.18 levels, below that at 1.1760 levels.